Entrepreneurship is a mindset. It's an attitude and approach to thinking that actively seeks out change, rather than waiting to adapt to change. It's a mindset that embraces critical questioning, innovation, service and continuous improvement.
To be an effective and successful entrepreneur, you’ll need to develop these ten qualities of an entrepreneur to help set yourself apart from the average entrepreneur.
1. Life Long Learner: Being an entrepreneur means you are your own manager, as well as a manager of others. Your skills need to be extensive in order for you to be successful.
2. Creative Thinker: Have the ability to innovate. Your approach to problem solving must be creative, out of the box. It is important to be creative to always be thinking of new ways you can improve your workflow, productivity, and bottom line.
3. Multi-Tasking: An entrepreneur should be able to effectively manage people, a budget, operations and in some instances, investors. This requires someone with a multi-tasking work style who can plan for both the short- and long-term goals of his business.
4. Effective Time Manager: A successful entrepreneur must be able to make wise decisions about how he uses his time, continually evaluating and prioritizing tasks according to relevance and importance. This type of time management includes short- and long-range planning and the ability to participate in economic forecasting and market research. Entrepreneurs must also manage their professional life in conjunction with their family life, striking a balance between work and home.
5. Good organizational skills: A successful entrepreneur has management skills to accurately research his market and develop a comprehensive, multi-year business plan. This includes accounting for growth and development, taking on employees, financing operations and marketing and running or overseeing the day-to-day business functions. This type of business planning includes the ability to manage economic forecasting.
6. Be a great Boss: Successful entrepreneurs must have the managerial skills necessary to evaluate potential employees, hire and train workers and put them in appropriate positions in the company. This means being a good judge of character, finding people who will work well together, and ensuring that staffers are qualified for their jobs. Once employees are on the job, a successful entrepreneur needs to have the ability to manage teams, oversee conflict and dispute resolution and provide ongoing training to encourage high-quality performance.
7. Have the ability to Manage Customers: Finding and keeping customers is one of the entrepreneur's most important management undertakings because revenue from customers keeps the business alive. Entrepreneurs must have the management ability to juggle clients, trouble-shoot problems, oversee customer interactions with employees and ensure that customers are satisfied. Successful entrepreneurs are also continually soliciting new business and developing new business networks.
8. A Good Sales Man: An entrepreneur must be able to sell himself and his products and services. The ability to turn leads into sales and sales into ongoing business is a trait important to all entrepreneurs, especially start-ups. Even if you have an exceptional sales force representing your company, customers are likely making their investment in you as much as in your business.
9. Understand Finance management: Even if an entrepreneur hires an accountant or finance professional to track money and other assets, he/she is ultimately responsible for the financial management of the company. This takes on greater significance when a company is growing rapidly or bringing on investors. A successful entrepreneur has the managerial skills necessary to review books and financial statements to ensure that they can make major financial decisions in favor of the business.
10. Understand Your Business Model: An entrepreneur must have a sound understanding of all aspects his business, how it operates, including the regulatory requirements of the industry. Entrepreneurs must be knowledgeable about labor, employment and tax laws, and must stay abreast of industry and market trends. This will help you as an entrepreneur to quickly change direction if economic conditions dictate.
These talents and skill sets required to be an effective and successful entrepreneur are very crucial. Truly, we can dare conclude that Entrepreneurship is not for the faintest of hearts. It is a skill that can be learned. Anyone can become a great entrepreneur. Be ready to prove learn, relearn and unlearn especially through hard work, dedication and doggedness.
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